What Causes Rapid Economic Growth? What causes rapid economic growth? Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase
Did The US Make Money From Ww2? Did the US make money from ww2? America’s response to World War II was the most extraordinary mobilization of an idle economy in the history of the world. During the war 17 million new civilian jobs were created, industrial productivity increased by 96 percent, and corporate profits after
Did Reaganomics Decrease Inflation? Did Reaganomics decrease inflation? The inflation rate declined from 10% in 1980 to 4% in 1988. Some economists have stated that Reagan’s policies were an important part of bringing about the third longest peacetime economic expansion in U.S. history. What were the effects of Reaganomics? Reaganomics is a popular term referring
What Effect Does New Technology Usually Have On An Economy? What effect does new technology usually have on an economy? In economics, it is widely accepted that technology is the key driver of economic growth of countries, regions and cities. Technological progress allows for the more efficient production of more and better goods and services,
What Economic Concepts Are Shown By The PPF? What economic concepts are shown by the PPF? A PPF illustrates several economic concepts, such as allocative efficiency, economies of scale, opportunity cost (or marginal rate of transformation), productive efficiency, and scarcity of resources (the fundamental economic problem that all societies face). What does PPF show in
What Does Gross Domestic Product GDP Measure Quizlet? What does gross domestic product GDP measure quizlet? – Gross Domestic Product (GDP) measures the total value of final goods and services produced within a given country’s borders. It is the most popular method of measuring an economy’s output and is therefore considered a measure of the
What Does Gross Domestic Product Show About A Country? What does gross domestic product show about a country? economy and growth What does gross domestic product tell us about a country? Gross domestic product tracks the health of a country’s economy. It represents the value of all goods and services produced over a specific time
Does High GDP Mean Economic Prosperity? Does high GDP mean economic prosperity? Increasing GDP is a sign of economic strength, and negative GDP indicates economic weakness. GDP can offer false information when it results from economic destruction—such as a car accident or natural disaster—rather than truly productive activity. Is GDP a good measure of prosperity?
Does GDP Represent Standard Of Living? Does GDP represent standard of living? GDP is an indicator of a society’s standard of living, but it is only a rough indicator because it does not directly account for leisure, environmental quality, levels of health and education, activities conducted outside the market, changes in inequality of income, increases
Do The Terms Economic Growth And Economic Development Mean The Same Thing Discuss? Do the terms economic growth and economic development mean the same thing discuss? Economic growth measures the formal economy in very quantitative terms and in tangible results, mostly focusing on GDP and overall output. Economic development focuses on intangible changes to provide